ATV and UTV Market By Vehicle Type (ATV, UTV) By Displacement (Less than 400cc, 400 - 800cc, More than 800cc) By Fuel Type (Gasoline Powered, Diesel-powered, Electric Powered, Solar Powered) By Application (Utility, Sports, Others) By End-User Vertical (Agriculture, Military, Mountaineering, Others) - Growth, Future Prospects & Competitive Analysis, 2016 – 2028

About this report

The global ATV and UTV market report explores the critical analysis of the ATV and UTV industry using key parameters. The report consists of investment strategies, the need for investments in the ATV and UTV industry, and the multiple benefits for the investors. Importantly, this report sets out major changes in the global technical regulations for the ATV and UTV industry, ATV and UTV sales statistics and how economic and non-economic barriers are helping or hindering the ATV market and UTV market growth. Moreover, the report analyzes the global, regional, and country-level historic and forecasted market size. The report also provides a comprehensive analysis of key investment propositions, demand and supply gap, competitors positioning, STAR analysis, SRC analysis, and Tornado analysis. Key technological developments and other analyses such as porter's five forces analysis, PESTEL analysis, value chain analysis, etc. are also provided in the report.

Key Highlights of the report

How are the major segments performing in the ATV and UTV market?

• In 2021, the segment with the largest market share, 400-800cc, is anticipated to expand at a higher CAGR over the forecast period. ATVs and UTVs in this segment are mostly used for hunting, hiking, and other outdoor sports because of their high fuel efficiency.
• In 2021, the gasoline-powered sector was the largest contributor to the market. Launching a new range of vehicles with upgraded engines, improved performance, and increased safety measures helps accelerate the expansion of gasoline-powered ATVs and UTVs.

Which region dominated the ATV and UTV market?

In 2021, North America was the largest market participant in the worldwide ATV and UTV market. High demand for ATVs, high disposable income of individuals, the potential for new and sophisticated technology, a developed economy, and government laws surrounding ATV designs are the primary factors projected to raise demand for ATVs and UTVs in North America. The ATV and UTV market share in the area is growing due to major companies releasing new versions of these vehicles and prestigious ATV and UTV clubs hosting racing competitions. Furthermore, it is projected that North America's market will expand due to legislation encouraging the use of these vehicles on public roads.

How is US Market Performing in the ATV and UTV market?

The ATV and UTV market has long been hugely important in the US, where leading manufacturers like Polaris, BRC, and Arctic Cat are based. 90% of total sales are made up of Polaris, Honda, and Yamaha. The country's ATV and UTV market is driven by rising leisure spending and increased off-roading competitions. The youth's growing demand for adventure and off-road activities and the accessibility of a wide selection of goods at various price points are the main drivers of the industry's expansion.

What is the competitive environment of the ATV and UTV market?

The competitive environment of the ATV and UTV industry provides information on the entire economic profit made by suppliers and businesses, the sales and revenues created in this sector, the ATV and UTV market share by manufacturer globally, ATV and UTV sales by manufacturer, the business organization summary, the introduction of new products, and the opportunities for the industrial ATV and industrial UTV market.

Executive Summary

What are ATVs and UTVs?

If a vehicle has handlebars and is equipped with four low-pressure tires, it is referred to as an all-terrain vehicle (ATV). ATVs are well known for their mobility and off-road qualities and are employed in the military, forestry, agriculture, sports, and other industries. These are handled completely differently and call for training. Although they are frequently used off-road, only a few locations permit their use on public highways. These have gained favor over the past several years due to increased access to rural areas and their usefulness as a way of moving supplies and equipment. A utility terrain vehicle (UTV) is designed to do jobs more efficiently than a general-purpose vehicle. This vehicle is a recreational off-highway vehicle (ROV) and a multipurpose off-highway utility vehicle (MOHUV). The share of ATVs is more as compared to UTVs. Whereas electric ATVs are also the future of the ATV and UTV market. Additionally, how much an ATV is worth depends on the displacement, type of wheels used, and additional features provided in the ATV.

Which are the key investments by the ATV and UTV market players?

Leading players in the ATV and UTV market are focusing on expanding production capacities for ATVs and UTVs. In addition, players are concentrating on strategic mergers, acquisitions, and collaborations to gain a competitive edge. For example, the first Japanese manufacturer to introduce electric tractors was Kubota Corporation in September 2022. Kubota's limited LXe-261 compact electric tractors are offered in Europe, a continent that is actively working toward carbon neutrality. Special Mission for Textron Aviation in August 2022, The U.S. Forest Service has added two Beechcraft King Air 260 planes to its aviation fleet to help manage wildland fires, according to a Textron Aviation press statement. The aircraft will do mapping flights related to wildfires.

Some major players in the ATV and UTV market are BRP INC, CFMOTO, Deere & Company, HISUN, Honda Motor Co Ltd, Kawasaki Heavy Industries Ltd. (Kawasaki Motors Corp., USA), Kubota Corporation, Kwang Yang Motor Co., Ltd, Polaris Industries Inc, and Suzuki Motor Corporation.

What are the Major Driving Factors for the ATV and UTV Market?

The market's development is aided by elements like the growing popularity of adventure sports, favorable regulatory regulations, and increased use of ATVs and UTVs for military operations. These quad bikes are increasingly in demand in the military sector because of their greater mobility in tactical situations. Additionally, the high degree of adaptability and navigational abilities provide operators with accurate guidance. Adventure sports are becoming increasingly popular, drawing tourists and boosting the demand for ATVs and UTVs.

What are the Major Risks for the ATV and UTV Market?

In a wildlife region, operating an ATV or UTV can have several negative consequences on the environment, including noise pollution, vegetation damage, increased runoff, soil erosion, and decreased water quality. Many countries forbid using ATVs and UTVs because they harm the terrain, imperil wildlife habitats, and harm other places. When ATVs go off paths, they also harm vegetation and young saplings, lowering the amount of forest cover. Due to exposed and damaged roots from soil erosion, nearby trees are injured.

Which is the key fuel type in the ATV and UTV market?

The market's largest contributor, the gasoline-powered sector, is also anticipated to expand at a higher growth rate during the forecast period. Gas-powered ATVs and UTVs are included in this category. Most ATVs and UTVs are powered by gasoline, precisely blended with oil, to preserve engine parts and enable quick acceleration. Launching a new range of vehicles with upgraded engines, improved performance, and increased safety measures helps accelerate the expansion of gasoline-powered ATVs and UTVs. In this section, diesel-powered ATVs and UTVs are examined. Diesel engines are frequently used in heavy-duty ATVs and UTVs for robust towing and material handling applications. ATV and UTV manufacturing businesses are releasing new lines of these vehicles for increased weight-carrying and towing capabilities. The launch of a new line of ATV and UTV vehicles by prominent manufacturers with better towing and load-carrying capabilities also contributes to the expansion of the diesel-powered segment.

How is the ATV and UTV market performing in regions?

North America dominates the ATV and UTV markets, and this dominance is predicted to last through 2028. The introduction of new utility vehicles by numerous well-known firms across Canada affects the uptake of ATVs and UTVs. For example, Mahindra introduced the Roxer side-by-side UTV in Canada. UTVs are also in high demand in defense because of their effective patrol and battle techniques. Additionally, American farmers are becoming more interested in these quad bikes. All of these elements are accelerating the market expansion for ATVs and UTVs in the countries of North America.

The Asia-Pacific region is projected to grow at a faster rate during the projection period. The key driver of this growth is the rising demand for power sports leisure activities in various nations, including China, Australia, and India. Additionally, the Asia-Pacific market is growing due to the introduction of new ATV and UTV models and the launch of new ATV and UTV models in line with defense applications. It is also projected that the development of ATV and UTV riding circuits will expand this region's global market. Additionally, increased leisure spending is anticipated to drive market expansion in the Asia-Pacific region, particularly in developing nations like China and India.

What is the regulatory landscape for the ATV and UTV markets?

A few new rules have been formulated to control uncontrolled ATV and UTV use and promote animal recovery management measures. Because they damage the health of the grasslands and wildlife habitats, ATVs and UTVs are consequently restricted in wildlife areas, which is projected to impede the growth of the ATV and UTV industry. Different organizations also formulate emission norms to check the emissions from ATVs and UTVs.

What is the Market Size of ATV and UTV regarding value?

The global ATV and UTV market is anticipated to grow at a substantial CAGR of 6.5% in the upcoming years. The global ATV and UTV industry was estimated to be worth USD 8.5 billion in 2021 and is expected to be worth USD 12.4 billion by 2028.

What are the major players planning for the future of the ATV and UTV market?

ATVs and UTVs with modern technologies like GPS are likewise being introduced by market participants in greater quantities that are safe and secure. For instance, the dependable off-road recreational, utility, and sport ATVs from Yamaha Motor Corp., USA, a car manufacturer, boast industry-leading comfort, capability, and safety. They also include tablets with GPS. Therefore, the key companies in the ATV and UTV sectors have a financial opportunity to create ATVs and UTVs with enhanced safety measures to reduce accidents and fatalities.

Segmentation of Global ATV and UTV Market-

Global ATV and UTV Market – By Vehicle Type

• ATV
• UTV

Global ATV and UTV Market – By Displacement

• Less than 400cc
• 400 - 800cc
• More than 800cc

Global ATV and UTV Market – By Fuel Type

• Gasoline Powered
• Diesel-powered
• Electric Powered
• Solar Powered

Global ATV and UTV Market – By Application

• Utility
• Sports
• Others

Global ATV and UTV Market – By End-User Vertical

• Agriculture
• Military
• Mountaineering
• Others

Global ATV and UTV Market – By Region

• North America
  • US
  • Canada
• Europe
  • Germany
  • France
  • UK.
  • Italy
  • Spain
  • Rest of Europe
• Asia Pacific
  • China
  • Japan
  • India
  • South Korea
  • South-east Asia
  • Rest of Asia Pacific
• Latin America
  • Brazil
  • Mexico
  • Rest of Latin America
• Middle East & Africa
  • GCC Countries
  • South Africa
  • Rest of Middle East and Africa